THE MORTGAGE HERO
Your First Home with Just a 5% DepositCould Be Closer Than You Think
For many New Zealanders, buying a first home can feel like a distant dream, especially when they believe they must save a 20% deposit. The wonderful reality is that eligible first home buyers may be able to purchase a home with as little as a 5% deposit through the Kāinga Ora First Home Loan scheme.
This opportunity is real, and many Kiwi families are already benefiting from it.
There are also some common myths that need to be cleared up. A First Home Loan is not a shared ownership scheme. You are not purchasing the property jointly with Kāinga Ora. The home is purchased in your name, the ownership is 100% yours, and you can choose a suitable property within the bank’s lending and eligibility requirements.
There is also another bank that may consider a home loan with as little as a 5% deposit outside the Kāinga Ora scheme. This option is currently available only to eligible existing customers of that bank and remains subject to its lending criteria. This creates another possible pathway for buyers who may not qualify under the Kāinga Ora scheme.
With property prices having come back from their previous peaks, buyers may now have more choices and better opportunities to negotiate. Interest rates may still feel higher than the very low rates we once experienced, but they are becoming more manageable. Waiting for the “perfect time” can sometimes mean missing the right opportunity.
At THE MORTGAGE HERO, the team has successfully helped many first home buyers purchase with a 5% deposit. They understand that moving from a rental home into your own home is both a financial and emotional journey.
That is why the business genuinely holds your hand throughout the process. From checking your eligibility and arranging pre approval, to explaining KiwiSaver withdrawals, guiding you through the bank’s requirements and supporting you until settlement, they remain beside you. Their support also continues after you receive the keys.
Your first home does not have to remain a dream. Contact THE MORTGAGE HERO and let them help you begin your journey from renting to proudly owning a home of your own.
*Eligibility, lender criteria, income limits, fees and other conditions apply.
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